金融工具

內(nèi)容概要

近幾年來(lái)，全球的金融領(lǐng)域發(fā)生著日新月異的變化，資本市場(chǎng)呈現(xiàn)出來(lái)的日益增長(zhǎng)的不穩(wěn)定性以及各種規(guī)章制度的改革，滋生了各種金融工具本質(zhì)上的創(chuàng)新以及與其有關(guān)的組合方法和調(diào)整方法的變化。本書(shū)是針對(duì)這種金融工具會(huì)計(jì)實(shí)務(wù)變化的一本綜合性的參考手冊(cè)，它具體描述了有關(guān)各種金融工具——例如貸款、證券、證券化工具以及各種金融衍生工具的會(huì)計(jì)實(shí)務(wù)，包括收入的確認(rèn)及衡量、與真實(shí)出售相對(duì)應(yīng)的債務(wù)性融資定性、債務(wù)的終止、虧損、套期會(huì)計(jì)以及披露要求。

作者簡(jiǎn)介

　　萊斯利·F·塞德曼（Leslie F. Seidman）美國(guó)注冊(cè)會(huì)計(jì)師以及獨(dú)立財(cái)務(wù)報(bào)告咨詢師，在財(cái)務(wù)領(lǐng)域及會(huì)計(jì)準(zhǔn)則領(lǐng)域有著豐富的經(jīng)驗(yàn)。她的客戶涵蓋了全球性的金融機(jī)構(gòu)和大型公司。
　　塞德曼畢業(yè)于科爾杰大學(xué)英語(yǔ)系，在紐約大學(xué)斯特恩商學(xué)院獲得會(huì)計(jì)學(xué)的研究生學(xué)位。在加入J.P.摩根公司之前，她在安永會(huì)計(jì)師事務(wù)所擔(dān)任審計(jì)師職位，并且擔(dān)任副總裁多年，專管會(huì)計(jì)方針。塞德曼被選為美國(guó)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)的行業(yè)同盟成員，隨后她成為該委員會(huì)會(huì)計(jì)應(yīng)用實(shí)務(wù)方面的副主任。她參與了數(shù)百次美國(guó)財(cái)務(wù)會(huì)計(jì)委員會(huì)和美國(guó)注冊(cè)會(huì)計(jì)師協(xié)會(huì)的會(huì)計(jì)公告制定、審核以及編校工作，并且出版了許多著作和文章。她也多次受邀在行業(yè)會(huì)議上就會(huì)計(jì)事務(wù)的各個(gè)領(lǐng)域進(jìn)行發(fā)言。
　　最近她被任命為美國(guó)管理會(huì)計(jì)協(xié)會(huì)財(cái)務(wù)報(bào)告委員會(huì)的委員。

書(shū)籍目錄

PrefaceAbout the AuthorPART Ⅰ：FINANCIAL ASSETS Chapter 1：Cash and Cash Equivalents Chapter 2：Investments in Debt and Equity Securities Chapter 3：Loans and the Allowance for Credit Losses Chapter 4：Servicing of Financial Assets Chapter 5：Transfers of Financial Assets Chapter 6：Securitizations Chapter 7：Calculating Yields on Debt InvestmentsPART Ⅱ：FINANCIAL LIABILITIES Chapter8：Debt Financing Chapter9：Securities Lending Arrangements，and Other Pledges of Collateral Chapter10：Convertible Debt and Similar Instruments  Chapter11：Extinguishments of DebtPART Ⅲ：DERIVATIVES AND HEDGING ACTIVITIES Chapter12：Introduction to Derivatives Chapter13：Embedded Derivatives Chapter14：Hedge Accounting Chapter15：Disclosures about DerivatesPART Ⅳ：EQUITY INSTRUMENTS Chapter16：Issuer ’s Accounting for Equity Instruments and Related ContractsPART Ⅴ：PERVASIVE ISSUES Chapter17：Offsetting Assets and Liabilities in the Balance Sheet Chapter18：Fair Value and Other Disclosures About Financial InstrumentsGlossary Gross-References to Authoritative PronouncementsIndex

章節(jié)摘錄

書(shū)摘   Implementation guidance for present value method  The present value amount should be based on an estimate of the expected future cash flows of the impaired loan, discounted at the loan's effective interest rate.   ·The cash flow estimates:  The estimates of expected future cash flows should be the creditor's best estimate based on rea-sonable and supportable assumptions and projections.,All avail-able evidence should be considered in developing the estimate of expected future cash flows. The weight given to the evidence should be commensurate with the extent to which it can be verified objectively. If a creditor estimates a range for either the amount or timing of possible cash flows, the likelihood of the possible outcomes must be considered in determining the bestestimate of expected future cash flows. (FAS-114, par. 15)    ·The discount rate:  The expected future cash flows should be discounted using the effective interest rate of the loan. The effective interest rate is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan and any subsequent adjustments relatingto fair value hedge accounting under FAS-133). (DIG F-4)   ——The effective interest rate for a loan restructured in a  troubled debt restructuring is based on the original con-tractual rate, not the rate specified in the restructuringment. (FAS-114, par. 14)   ——The effective rate for a purchased loan is the rate that equates the investor's estimate of the loan's future cash flows with the purchase price of the loan. (FAS-114, fn. 3)   ·Variable interest rates:  If the loan's stated interest rate var-ies based on subsequent changes in an independent factor,such as an index or rate (for example, the prime rate, the London interbank offered rate (LIBOR), or the U.S.Treasurybill weekly average), that loan's effective interest rate may be calculated based on:  — The factor as it changes over the life of the loan; or  — The rate may be fixed at the rate in effect at the date the loan meets the impairment condition.   The creditor's chosen method should be applied consistently for all loans whose contractual interest rate varies based on subsequent changes in an independent factor. Projections of changes in the factor should not be made for purposes of determining the effective interest rate or estimating expected future cash flows. (FAS-114, par. 14, as amended by FAS-118)    EITF Issue 96-12 only applies to securities with one or more of these aracteristics that are classified as available-for-sale or held-to-maturity debt securities in accordance with FAS-115. However, struc-tured note securities that, by their terms, suggest that it is reasonably possible that the investor could lose a!! or substantially all of its original investment amo~nt (for other than failure of the borrower to pay the contractual amounts due) should be marked to market with all changes in fair value reported in earnings.   There is currently some overlap between the scope of EITF Issue96-12, EITF Issue 99-20, and FAS-133.  ·Overlap with FAS-133: A security with the characteristics de-scribed above would nonetheless be accounted for under FAS-133 if it contains an embedded derivative that is not dearly and closely rolated to the host contract (even if the embedded derivative is not accounted for separately and the entire instrument is marked to market). Chapter 13, "Embedded Derivatives," addresses embed-ded derivatives in detail. However, the FASB allowed companies to grandfather hybrid instruments that were entered into before either January 1, 1998 or January 1, 1999, as elected by the(see paragraph 50 of FAS-133, as amended). Accordingly, some structured notes that technically contain embedded derivatives may continue to be accounted for under ETTF Issue 96-12.   ·Overlap with EITF Issue 99-20: A security with the character-istics described above would be accounted for under E1TF Issue 99-20 if it is a beneficial interest in a special-purpose entity that could contractually be prepaid in such a way that the investor would not recover substantially all of its initial investment (and the instrument does not contain an embedded derivative that should be accounted for separately under FAS-133).   EiTF Issue 96-12 does not apply to loans, traditional convertible bonds, multicurrency debt securities, debt securities participating directly in the results of an issuer's operations (for example, partici-pating mortgages or similar instruments), or reverse mortgages.   The following types of securities would typically be considered structured notes that should be accounted for under EITF Issue 96-12(that is, the embedded derivative is considered clearly and closely related to the host contract and should not be accounted for sepa-rately under FAS-133 (plus any grandfathered structured notes that otherwise would be accounted for under FAS-133):   ·Inverse floater (a bond with a coupon rate of interest that varies inversely with changes in specified interest rates or indexes (for example, LIBOR) or a leveraged inverse floater (the spedfied index is multiplied by a number greater than 1) that contractu-ally limits the amount of principal that can be lost to the amount of the initial cash investment. (Note: Many inverse floaters do not contain this type of limit and would therefore contain an em-bedded derivative.)   ·Delevered floater (a bond with a coupon rate of interest that lags overall movements in specified interest rate levels or indices).   ·Range floater (a bond with a coupon that depends on the number of days that a reference rate stays within a preestab- lished collar; otherwise, the bond pays either zero percent interest or a below-market rate).   ·Ratchet floater (a bond that pays a floating rate of interest and has an adjustable cap, adjustable floor, or both that move in sync with each new reset rate).   ·Fixed-to-floating note (a bond that pays a varying coupon, for example, the first-year coupon is fixed, second- and third-year coupons are based on LIBOR, Treasury bills, or prime rate).  ·indexed amortizing note (a bond that repays principal based on a predetermined amortization schedule or target value), provided that the investor's recorded investment is not at risk,and the contractual yield could not rise to a level that is both double the initial rate on the instrument and twice the current market rate for a similar instrument.  ·Step-up bond (a bond that provides an introductory above-market yield and steps up to a new coupon, which will be below then-current market rates or, alternatively, the bond may be called in lieu of the step-up in the coupon rate).   ·Credit-sensitive bond (a bond that has a coupon rate of inter-est that resets based on changes in the issuer's credit rating).  ·Inflation bond (a bond with a contractual principal amount that is indexed to the inflation rate but cannot decrease below par).   The accounting for pledges of other financial assets as collateral under FAS-140, paragraph 15, depends on whether the secured party has the right to sell or repledge the collateral and on whether the debtor has defaulted.  ·If the secured party (transferee) has the right by contract or custom to sell or repledge the collateral, then the debtor (trans-feror) should reclassify that asset and report it separately in its balance sheet (for example, as a security pledged to creditors) from other assets not so encumbered.   ·If the secured party (transferee) sells collateral pledged to it, it should recognize the proceeds from the sale and its obligation to return the collateral. The sale of the collateral is a transfer subject to FAS-140.   ·The debtor (transferor) should continue to carry the collateral as its asset, and the secured party (transferee) should not recognize the pledged asset, unless the debtor defaults under the contract.   ·If the debtor (transferor) defaults under the terms of the se-cured contract and is no longer entitled to redeem the pledged asset, it should derecognize the pledged asset. The secured party (transferee) should recognize the collateral as its asset, initially measured at fair'value or, if it has already sold the collateral, derecognize its obligation to return the collateral.     ……

媒體關(guān)注與評(píng)論

中文版序以一句很多人使用的話說(shuō)，會(huì)計(jì)行業(yè)近兩年正處于爭(zhēng)論的漩渦之中。    2001年以來(lái)，美國(guó)爆發(fā)一系列財(cái)務(wù)虛假案，使得安然、世通等巨型公司破產(chǎn)，也導(dǎo)致安達(dá)信這樣一個(gè)有著九十多年歷史的世界級(jí)會(huì)計(jì)師事務(wù)所飽含屈辱地退出審計(jì)市場(chǎng)。安然和世通等事件的影響巨大，損失了幾十億美元的價(jià)值。人們開(kāi)始質(zhì)疑，這些巨人公司的賬面價(jià)值到底在多大程度上是真實(shí)的？事實(shí)上，公眾對(duì)這種價(jià)值創(chuàng)造所依賴的會(huì)計(jì)和財(cái)務(wù)制度的信任已經(jīng)動(dòng)搖。為了重樹(shù)公眾信心，美國(guó)制定頒布了《公眾公司會(huì)計(jì)改革和投資者保護(hù)法》（Public Company Accounting Reform and Investor Protection Act of 2002），簡(jiǎn)稱為《薩賓納斯一奧克斯萊法案》（Sarbanes-Oxley Act），對(duì)美國(guó)而且對(duì)世界各國(guó)會(huì)計(jì)、公司治理以致整個(gè)證券市場(chǎng)，都產(chǎn)生了相當(dāng)大的影響。    在中國(guó)，上述問(wèn)題也一樣沉重。由于與會(huì)計(jì)信息相關(guān)的違規(guī)行為而被證監(jiān)會(huì)查處，或被滬深證交所公開(kāi)譴責(zé)和批評(píng)的上市公司，已經(jīng)是越來(lái)越多。在一張張讓人不放心的公司財(cái)務(wù)報(bào)表面前，公眾感到疑惑，無(wú)所適從。銀廣夏和中天勤案件的查處，讓會(huì)計(jì)師和注冊(cè)會(huì)計(jì)師面臨空前的信任危機(jī)，會(huì)計(jì)和審計(jì)專業(yè)的信譽(yù)面對(duì)巨大的挑戰(zhàn)。    在會(huì)計(jì)信息和資本市場(chǎng)問(wèn)題上，存在著一個(gè)“公司財(cái)務(wù)報(bào)告供應(yīng)鏈”。誰(shuí)組成了公司財(cái)務(wù)報(bào)告供應(yīng)鏈呢？毫無(wú)疑問(wèn)，公司財(cái)務(wù)報(bào)告供應(yīng)鏈啟動(dòng)于公司內(nèi)部管理層，他們是原始會(huì)計(jì)信息的擁有者，他們負(fù)責(zé)編制和向投資者與其他利益相關(guān)者提供財(cái)務(wù)報(bào)表，并承擔(dān)會(huì)計(jì)信息質(zhì)量的最終責(zé)任。實(shí)務(wù)中，會(huì)計(jì)報(bào)表和財(cái)務(wù)報(bào)告由CFO領(lǐng)導(dǎo)下的公司財(cái)務(wù)報(bào)告系統(tǒng)編制，由CPA進(jìn)行獨(dú)立審計(jì)鑒證，經(jīng)過(guò)董事會(huì)批準(zhǔn)和股東大會(huì)通過(guò)后予以公布，還要由證券分析師進(jìn)行分析，由媒體進(jìn)行信息傳播。在獲得上述直接和間接財(cái)務(wù)信息的基礎(chǔ)上，投資人和其他利益相關(guān)者做出自己的決策。    顯然，這個(gè)長(zhǎng)長(zhǎng)的公司財(cái)務(wù)報(bào)告供應(yīng)鏈由許多環(huán)節(jié)組成，每個(gè)環(huán)節(jié)都有不同的供給方和需求方。    從公司財(cái)務(wù)報(bào)告供應(yīng)鏈的視角看，應(yīng)該說(shuō)，財(cái)務(wù)信息的可靠性是由鏈條中的所有各方共同保證。當(dāng)然，社會(huì)和公眾有理由對(duì)鏈條中最為重要的兩個(gè)環(huán)節(jié)—會(huì)計(jì)師和審計(jì)師—提出更高、更嚴(yán)格的要求。會(huì)計(jì)師和審計(jì)師必須在具備誠(chéng)信度的同時(shí)，把透明度和受托責(zé)任奉為職業(yè)要素。    寫(xiě)了以上幾段話，是為了引出對(duì)本套中信財(cái)會(huì)圖書(shū)館影印系列專業(yè)書(shū)籍的認(rèn)識(shí)和介紹。這套系列叢書(shū)包括12本書(shū)。大體上可以歸為三類：    第一類：《會(huì)計(jì)案頭必備：財(cái)會(huì)人員日常速答手冊(cè)》、《金融工具—會(huì)計(jì)及財(cái)務(wù)報(bào)告綜合指南》、《商業(yè)企業(yè)與工業(yè)企業(yè)財(cái)務(wù)比率年鑒》、《購(gòu)買和出售企業(yè)專業(yè)指南：稅收、價(jià)值評(píng)估、法律和會(huì)計(jì)核算》、《啟動(dòng)財(cái)務(wù)—企業(yè)初創(chuàng)階段籌集資金指南》。這幾本書(shū)的內(nèi)容聚焦于企業(yè)會(huì)計(jì)和財(cái)務(wù)管理人員的日常專業(yè)工作。    第二類：《審計(jì)委員會(huì)—公司董事、管理層以及咨詢?nèi)藛T指引》、《會(huì)計(jì)違規(guī)和財(cái)務(wù)欺詐》、《審計(jì)程序》、《審計(jì)人員風(fēng)險(xiǎn)管理指南：審計(jì)與企業(yè)風(fēng)險(xiǎn)管理的結(jié)合》。這幾本書(shū)的內(nèi)容聚焦于審計(jì)方面，維護(hù)財(cái)務(wù)信息質(zhì)量是共同主題。    ……

編輯推薦

　　《金融工具：會(huì)計(jì)及財(cái)務(wù)報(bào)告綜合指南》結(jié)構(gòu)是按資產(chǎn)負(fù)債表欄目組織的，并且整合了美國(guó)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)和美國(guó)注冊(cè)會(huì)計(jì)師協(xié)會(huì)的權(quán)威性指南的內(nèi)容。除此以外，《金融工具：會(huì)計(jì)及財(cái)務(wù)報(bào)告綜合指南》還包含了美國(guó)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)緊急事項(xiàng)小組（EITF）以及金融衍生工具執(zhí)行小組的有關(guān)規(guī)定。

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